Two students from a Dubai university have created a novel media platform to deliver reliable information and practical education on cryptocurrency markets for the GCC investors.
The platform, created by students of Rochester Institute of Technology (RIT) pursuing business and technology majors, is the first of its kind in the region and has been awarded the top spot in the Fintech category at the recent GCC Innovation Challenge for Entrepreneurship 2021.
Known as GulfCrypt, the innovation is the work of 19-year-old business major, Karim Tarakji and 20-year-old computer security student, Suparno Chowdhury, who collaborated to develop a technology-based solution that tackles the uncertainty and misinformation around cryptocurrencies.
Karim said, “While there is a lot of interest in cryptocurrencies within the GCC, there is no single trusted source of information that is accessible to non-experts in this region. What’s more, consumers who are not properly informed may be targets of fraud, with transactions from scam victims in the region reaching $385 million.
“We wanted to develop a solution with a mass appeal, combining reliable information through blogs and verified articles, with opportunities for people to educate themselves, through courses for beginners to expert level. As the platform grows, we anticipate advertising partnerships with exchanges and relevant retailers and services providers and our ultimate aim is to deliver valuable and accessible information to anyone who wants to know more about cryptocurrencies in the region.”
Shedding light on his partnership with Karim, tech-enthusiast Suparno says, “There’s often a preconception about people who are fascinated by coding, that they’re just a techie and don’t have much to offer in an entrepreneurial sense, so it was good to connect with Karim who was able to see beyond that idea.”
Suparno’s input has involved integrating innovative, technological-driven features to help advance the platform’s functionality.
“We are applying machine-learning functions to develop automated analysis processes that will feed instant, verified data to platform users. For example, we have already developed a function that uploads real-time updates on cryptocurrency pricing so that traders can instantly manage transactions based on their pricing thresholds.”
Around 240 students from 34 universities across the GCC participated in the competition, with 14 teams advancing to the second round. Karim and Suparno have finally crowned the Fintech category winners.
The winning pair, who had first met at a psychology class, had received mentoring support from their faculty as well.
Dr Khalil Al Hussaeni, Professor of Computing at Rochester Institute of Technology (RIT), Dubai, said: “Karim and Suparno have demonstrated the impact that technology now has on the business world and it has been inspiring to see them harness their individual skills to create something with real value. Mixing with students from different backgrounds is a part of the university experience that has been missing in the past year and the ‘ProjectSet’ competition provided an excellent opportunity for us to help them make those connections.”